Office of International Treasury Control - The OITC and MG Rover

The OITC and MG Rover

The OITC first came to public attention in 2005 with an attempted bid for the failed MG Rover Group in the United Kingdom. The London Daily Telegraph reported that "a Mr David Sale and a Dr Ray Dam claim to have offered to buy MG Rover for $5 billion." The Financial Times reported that the OITC had given the administrators a deposit of one pound, made out as a postal order. According to Sale and Dam, Rover's administrators PriceWaterhouseCoopers (PWC) were refusing to take their bid seriously even though (according to them) Prime Minister Tony Blair had acknowledged it in a letter. However, PWC told the Telegraph that it had never heard of the OITC and the Prime Minister's office had no record of the OITC's letter. The bid met with considerable skepticism among MG Rover enthusiasts and was evidently discarded by the administrators, as the OITC did not appear on the final list of bidders. No proof has ever been provided of the supposed letter to Mr Blair.